Fed will have a hard time putting the inflation genie back into the bottle without causing a recession

 “I find the idea that very gradual increases of rates will be sufficient to contain inflation to be somewhat implausible, given what is happening in the labor market,” Summers said.

He said he foresaw a GDP gap of about 3%, but the stimulus provided aid equivalent to 14% of GDP.

Former Treasury Secretary Larry Summers Market Watch 15 December 2021

https://www.marketwatch.com/story/summers-says-fed-will-struggle-to-engineer-soft-landing-as-he-frets-about-spontaneous-deflating-in-markets-11639561649